Country Details
Micronesia
Oceania, island group in the North Pacific Ocean, about three-quarters of the way from Hawaii to Indonesia
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Economy
Detailed information and insights
Economic overview
lower middle-income Pacific island economy; US aid reliance, sunsetting in 2024; low entrepreneurship; mostly fishing and farming; US dollar user; no patent laws; tourism remains underdeveloped; significant corruption
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024
$432.679 million (2024 est.)
Real GDP (purchasing power parity) 2023
$429.59 million (2023 est.)
Real GDP (purchasing power parity) 2022
$427.529 million (2022 est.)
Real GDP growth rate
Real GDP growth rate 2024
0.7% (2024 est.)
Real GDP growth rate 2023
0.5% (2023 est.)
Real GDP growth rate 2022
-2.9% (2022 est.)
Real GDP per capita
Real GDP per capita 2024
$3,800 (2024 est.)
Real GDP per capita 2023
$3,800 (2023 est.)
Real GDP per capita 2022
$3,800 (2022 est.)
GDP (official exchange rate)
$471.425 million (2024 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
5.4% (2022 est.)
Inflation rate (consumer prices) 2021
3.2% (2021 est.)
Inflation rate (consumer prices) 2020
0.6% (2020 est.)
GDP - composition, by sector of origin
Agriculture
23.3% (2023 est.)
Industry
5% (2023 est.)
Services
69.2% (2023 est.)
Agricultural products
coconuts, cassava, vegetables, sweet potatoes, bananas, pork, plantains, fruits, beef, eggs (2023)
Note
note: top ten agricultural products based on tonnage
Industries
tourism, construction; specialized aquaculture, craft items (shell and wood)
Industrial production growth rate
0.8% (2023 est.)
Note
note: annual % change in industrial value added based on constant local currency
Remittances
Remittances 2023
5.3% of GDP (2023 est.)
Remittances 2022
5.6% of GDP (2022 est.)
Remittances 2021
6% of GDP (2021 est.)
Budget
Revenues
$137.795 million (2020 est.)
Expenditures
$111.963 million (2020 est.)
Public debt
Public debt 2020
27.8% of GDP (2020 est.)
Taxes and other revenues
7% (of GDP) (2020 est.)
Note
note: central government tax revenue as a % of GDP
Current account balance
Current account balance 2017
$12 million (2017 est.)
Current account balance 2016
$11 million (2016 est.)
Current account balance 2014
$22.408 million (2014 est.)
Exports
Exports 2024
$129.5 million (2024 est.)
Exports 2023
$125.789 million (2023 est.)
Exports 2022
$90.466 million (2022 est.)
Exports - partners
Thailand 64%, China 16%, Philippines 11%, Japan 5%, Ecuador 1% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
fish, diamonds, garments (2023)
Note
note: top export commodities based on value in dollars over $500,000
Imports
Imports 2024
$325.9 million (2024 est.)
Imports 2023
$310.669 million (2023 est.)
Imports 2022
$274.334 million (2022 est.)
Imports - partners
USA 35%, China 20%, Japan 13%, Taiwan 6%, Philippines 4% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
poultry, fish, plastic products, cars, prepared meat (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021
$497.434 million (2021 est.)
Reserves of foreign exchange and gold 2020
$451.913 million (2020 est.)
Reserves of foreign exchange and gold 2019
$397.158 million (2019 est.)
Exchange rates
the US dollar is used